Market reviewn The 2016 Execution Management System Survey

those using two or three
have grown. In the meantime while more than half of
users still only use a single
system, as Figure 4 shows
their number is falling. This
appears to reflect a use of
different systems for different asset classes, rather than
using multiple systems to
trade a single asset class.

Similarly larger clients, as
shown in Figure 5 do appear
to use more systems on
average than smaller ones.

The difference however is
perhaps not as pronounced
as might be anticipated.

Greater focus is alsoas one respondent put it, “agenuinely global all assetclass capability.” While manyproviders offer more thanone asset class, and somehave added more, it is clearthat the kind of fully com-prehensive capability thatcould be used by the largest,highly diversified asset man-agers is still not yet available.

This probably explains the
fact that the average number
of EMS capabilities has
increased slightly in 2016.

While the number of
respondents using a very
large number of systems (i.e.